IDEXX LABORATORIES INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>IDEXX LABORATORIES INC. filed its 2023 Form 10-K on February 22, 2024, detailing its fiscal year performance and corporate information.</b>

AI Summary

IDEXX LABORATORIES INC /DE (IDXX) filed a Annual Report (10-K) with the SEC on February 22, 2024. IDEXX LABORATORIES INC. filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Delaware (DE). Its principal executive offices are located in Westbrook, Maine (ME). The Standard Industrial Classification code is 2835 for In Vitro & In Vivo Diagnostic Substances.

Why It Matters

For investors and stakeholders tracking IDEXX LABORATORIES INC /DE, this filing contains several important signals. This 10-K filing provides a comprehensive overview of IDEXX LABORATORIES INC.'s financial health, operational performance, and strategic direction for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial position, identify potential risks, and make informed investment decisions regarding IDEXX LABORATORIES INC.

Risk Assessment

Risk Level: low — IDEXX LABORATORIES INC /DE shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative disclosures.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion, and risk factors to understand IDEXX LABORATORIES INC.'s performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-22 — Filing Date (Filed as of date)
• 2835 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• IDEXX LABORATORIES INC (company) — Filer name
• DE (company) — State of incorporation
• WESTBROOK (company) — City of business address
• ME (company) — State of business address
• 2075560300 (dollar_amount) — Business phone number
• IDEXX CORP (company) — Former company name

FAQ

Industry Context

IDEXX LABORATORIES INC. operates within the In Vitro & In Vivo Diagnostic Substances industry, focusing on products and services for animal health and water testing.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports (10-K) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K for revenue, net income, and balance sheet information.
2. Review the 'Risk Factors' section (if available in the full document) for potential challenges and uncertainties.
3. Examine management's discussion and analysis (MD&A) for insights into business performance and future outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial extraction of the 2023 10-K filing. Comparative data from the previous year's filing would be found within the document itself.

Key Financial Figures

• $0.10 — ange on which registered Common Stock, $0.10 par value per share IDXX NASDAQ Global
• $1.25 billion — inician and a pet. Credit Facility Our $1.25 billion five-year unsecured credit facility und
• $1 billion — ated credit agreement; consisting of i) $1 billion revolving credit facility, also referre
• $250 million — referred to as line of credit, and ii) $250 million three-year term loan. Customer commitm

Filing Documents

• idxx-20231231.htm (10-K) — 2960KB
• exhibit1028.htm (EX-10.28) — 13KB
• exhibit1050.htm (EX-10.50) — 59KB
• exhibit21.htm (EX-21) — 44KB
• idexxfy23consent.htm (EX-23) — 3KB
• exhibit311.htm (EX-31.1) — 11KB
• exhibit312.htm (EX-31.2) — 12KB
• exhibit321.htm (EX-32.1) — 5KB
• exhibit322.htm (EX-32.2) — 5KB
• exhibit971.htm (EX-97.1) — 47KB
• idxx-20231231_g1.gif (GRAPHIC) — 6KB
• idxx-20231231_g2.jpg (GRAPHIC) — 53KB
• 0000874716-24-000057.txt (&nbsp;) — 15336KB
• idxx-20231231.xsd (EX-101.SCH) — 92KB
• idxx-20231231_cal.xml (EX-101.CAL) — 129KB
• idxx-20231231_def.xml (EX-101.DEF) — 436KB
• idxx-20231231_lab.xml (EX-101.LAB) — 1208KB
• idxx-20231231_pre.xml (EX-101.PRE) — 818KB
• idxx-20231231_htm.xml (XML) — 2533KB

Business

Business 6 Item 1A

Risk Factors

Risk Factors 18 Item 1B Unresolved Staff Comments 33 I tem 1C C ybersecurity 33 Item 2

Properties

Properties 35 Item 3

Legal Proceedings

Legal Proceedings 35 Item 4 Mine Safety Disclosures 35 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36 Item 6 [Reserved] 37 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 61 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 63 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 63 Item 9A

Controls and Procedures

Controls and Procedures 63 Item 9B Other Information 64 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 64 PART III Item 10 Directors, Executive Officers and Corporate Governance 65 Item 11

Executive Compensation

Executive Compensation 65 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 65 Item 13 Certain Relationships and Related Transactions, and Director Independence 65 Item 14 Principal Accountant Fees and Services 65 PART IV Item 15 Exhibits, Financial Statement Schedules 66 Item 16 Form 10-K Summary 66

Financial Statements and Supplementary Data – Index to Consolidated Financial Statements

Financial Statements and Supplementary Data – Index to Consolidated Financial Statements F-1 Exhibit Index

Signatures

Signatures 4 The terms "IDEXX," "Company," "registrant," "we," "us," and "our" included in this Annual Report on Form 10-K mean IDEXX Laboratories, Inc. and all subsidiaries that are consolidated under U.S. GAAP. We have included certain terms and abbreviations used throughout this Annual Report on Form 10-K in the " Glossary of Terms and Selected Abbreviations." Our name, logo and the following terms used in this Annual Report on Form 10-K are either registered trademarks or trademarks of IDEXX Laboratories, Inc. in the United States and/or other countries: 4Dx , Alertys , Animana , Catalyst Dx , Catalyst One , Coag Dx , Colilert , Colisure , Cornerstone , DVMAX , Enterolert , ezyVet , Feline Triple , Filta-Max , Filta-Max xpress , IDEXX DecisionIQ , IDEXX inVue Dx , IDEXX I-Vision CR , IDEXX I-Vision DR , IDEXX I-Vision Mobile , IDEXX Neo , IDEXX-PACS , IDEXX SDMA , IDEXX VetAutoread , IDEXX VetLab , IDEXX VetLab UA , LaserCyte , LaserCyte Dx, OPTI , Pet Health Network , Petly Plans, ProCyte Dx , Pseudalert , Quanti-Tray , rVetLink , SediVue Dx , SNAP , SNAPduo , SNAP Pro , SNAPshot Dx , TECTA , VetConnect , VetLINK , VetLyte , Vet Radar , VetStat , and VetTest . VetAutoread is a trademark of QBC Diagnostics. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This Annual Report on Form 10-K for the year ended December 31, 2023, contains statements which, to the extent they are not statements of historical fact, constitute "forward-looking statements." Such forward-looking statements about our business and expectations within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), include statements relating to, among other things, global trends in companion animal healthcare and demand for our products and services; our expectations regarding supply chain and logistics challenges; our expec

BUSINESS

ITEM 1. BUSINESS COMPANY OVERVIEW IDEXX was incorporated in Delaware in 1983. We develop, manufacture, and distribute products and provide services primarily for the companion animal veterinary, livestock and poultry, dairy and water testing industries. We also provide human medical point-of-care and laboratory diagnostics. Our primary products and services are: Point-of-care veterinary diagnostic products, comprised of instruments, consumables, and rapid assay test kits; Veterinary reference laboratory diagnostic and consulting services; Practice management and diagnostic imaging systems and services used by veterinarians; Health monitoring, biological materials testing, laboratory diagnostic instruments, and services used by the biomedical research community; Diagnostic, health-monitoring products for livestock, poultry, and dairy; Products that test water for certain microbiological contaminants; and Point-of-care electrolytes and blood gas analyzers. Our Purpose is to be a great company that creates exceptional long-term value for our customers, employees, and stockholders by enhancing the health and well-being of pets, people, and livestock. DESCRIPTION OF BUSINESS BY SEGMENT We operate primarily through three business segments: Companion Animal Group, Water quality products, and Livestock, Poultry and Dairy. Our Other operating segment combines and presents our human medical diagnostic products business with our out-licensing arrangements because they do not meet the quantitative or qualitative thresholds for reportable segments. Companion Animal Group ("CAG") - Diagnostic and information management-based products and services for the companion animal veterinary industry, including in-clinic diagnostic solutions, outside reference laboratory services, and veterinary software and services. CAG Diagnostics We provide diagnostic capabilities that meet veterinarians' diverse needs through a variety of modalities, including in-clinic diagnos

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View this 10-K filing on SEC EDGAR